Buying and Selling Property in Sonoma County Today
Want to buy real estate? Sonoma County presents challenges today, making it no easy task for an entry level buyer.
While the more one has to spend, the easier it is to purchase, Sonoma County is experiencing a “Seller’s Market” and extremely low inventory. Supply and Demand really come into play here, and of course, that helps drive prices up and creates some fierce competition.
If the property is priced right, a seller can expect multiple offers in just a few short days! While this is great news for Sellers, it can leave a Buyer feeling frustrated and discouraged.
It is difficult, as a Realtor, to deliver the bad news to a Buyer. Who wants to hear that, even though they wrote a fantastic, well-over-asking-price offer, that they have been outbid by someone–yet again?
Regardless of the reason, whether it’s more cash, shorter timelines, or, well, whatever the reason, it’s still painful. As a buyer, you were excited and gave it your best shot, simply to be told “no, you don’t get to buy this home after all.”
Don’t give up though. Keep the faith that the right place is out there. It will present itself at the right time, and all will come together. Just don’t give up.
But the Sellers Love it!
For Sellers, this can be exciting. There’s nothing like having plentiful offers to choose from. All they have to do is hope that that the one they choose has no weird glitches along the way so the closing timelines work out perfectly.
At the time of this writing, January 2017, our local Sonoma County Multiple Listing has a total of 525 single family residential homes and condos available for sale on the market. That’s not very many–considering we have about 500,000 people!
So What Does it Take to Buy Real Estate Sonoma County?
It takes a great lender if you need a loan, a great REALTOR® to help you navigate the crazy market, decent income and good credit. If you are missing any of these items, it still may be possible, but not as easy for sure!
A great deal of patience and perseverance may also be in order. But in the end, it can be well worth the time and investment. Rents are high, so you may as well pay yourself the rent and build some equity, and be allowed to live how you wish. Owning a home can be an excellent way to build personal wealth as well as create a sense of stability and pride.
Interested in Real Estate Investing?
Plan to invest when you buy real estate? Sonoma County can be a great place to invest and provide housing for others. Our rental market is very high right now since climbing real estate prices will keep some out of the market. This means they need to rent, again providing a shortage of rental inventory, too.
And to sell?
We recommend a well respected REALTOR®, a clean and tidy house, and a seat belt for the ride.
Worried about where you will go if you sell? The world is your oyster. If you want to stay local in this lovely place, there are ways to time your sale to not move twice and perhaps take advantage of some property tax savings if you are over 55.
Ask your Realtor for best practices and ways to allow you the time and space to take advantage of the current Seller’s Market and opportunities on the horizon.